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Döviz Piyasası Baskı Endeksi ve Kriz Göstergelerinin Tahmini: Türkiye Uygulaması

Year 2021, Volume: 23 Issue: 1, 67 - 92, 18.04.2021

Abstract

Döviz piyasası, bir ülke parasının başka bir ülke parası ile işlem gördüğü piyasa olarak tanımlanmaktadır ve bu piyasa farklı ülkelerin para birimlerinin değiştirildiği küresel pazar haline gelmiştir. Döviz krizi, döviz kurunun kısa bir süre boyunca önemli ölçüde değer kaybettiği bir durumdur. Döviz krizleri hem teorik hem de ampirik olarak kapsamlı bir ekonomik literatüre konu olmuştur. Bu nedenle, finansal piyasalar üzerindeki baskı derecesini ölçmek ve krizleri öngörmek için sinyal yaklaşımına göre endeksler oluşturulmuştur. Sinyal yaklaşımında, bir değişkenin bir krizden önceki dönemde belirli bir eşik değerinin ötesine geçmesi durumunda krizin meydana gelebileceği konusunda bir erken uyarı sinyali verdiği düşünülmektedir. Bu çalışmanın ana amacı Kaminsky ve Reinhart, (1999) tarafından geliştirilen Döviz Piyasası Baskı Endeksi’nin Ocak 1999 – Aralık 2019 döneminde Türkiye için geçerliliğinin araştırılmasıdır. Ayrıca, Döviz Piyasası Baskı Endeksi kullanılarak finansal krizlere neden olabilecek öncü göstergelerin Logit model ile belirlenmesidir. Model 7 istatistiki olarak anlamlı çıkmıştır ve de açıklama gücü istendiği gibi yüksek olmuştur. Modelde yer alan değişkenlerden Borsa İstanbul 100 Getiri Endeksi (BIST), İç Borç Stoku (İBS) ve Yurtdışı Yerleşiklerin Hisse Senedi Portföyü (YYHSP) ile Döviz Piyasası Baskı Endeksi arasında anlamlı bir ilişki bulunmaktadır

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References

  • Akkaya, M., & Kantar, L. (2018). Finansal Krizlerin Tahmininde Öncü Göstergelerin Logit-Probit Model ile Analizi: Türkiye Uygulaması. Uluslararası Yönetim İktisat ve İşletme Dergisi, 575-590. doi:http://dx.doi.org/10.17130/ijmeb.2018343111.
  • Akkaya, M. & Kantar, L. (2019). Bankacılık Kırılganlık Endeksinin Logit-Probit Model ile Analizi: Türkiye Uygulaması, Finans Politik & Ekonomik Yorumlar, 650, 131-145.
  • Almahmood, H., Munyif, M. A., & Willett, T. D. (2018). Most speculative attacks do not succeed: Currency crises and currency crashes. Journal of International Commerce, Economics and Policy, 9(01n02), 1850001.
  • Altıntaş, H., & Öz, B. (2007). Para krizlerinin sinyal yaklaşımı ile öngörülebilirliği: Türkiye uygulaması. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 7(2), 19-77.
  • Avcı M.A. & Altay N.O. (2014), Finansal Krizlerin Öngörüsünde Regresyon Ağaçları Modeli: Gelişmekte Olan Ülkelere Yönelik Bir Analizi. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 6(12), 191-212.
  • Arı A. & Cergibozan, R. (2016). The twin crises: Determinants of banking and currency crises in the Turkish economy. Emerging markets Finance and Trade, 52(1), 123-135.
  • Beckmann, D., Menkhoff, L., & Sawischlewski, K. (2006). Robust lessons about practical early warning systems. Journal of Policy Modeling, 28(2), 163-193.
  • Berg, A and C Pattillo (1998). Are Currency Crises Predictable? A Test. IMF Working Paper, 98/154.
  • Bozkurt, H., & Dursun, G. (2006). TÜRKİYE'DE PARA KRİZİNİN ÖNCÜ GÖSTERGELERİ: ERKEN UYARI SİSTEMİ. Marmara Üniversitesi Avrupa Topluluğu Enstitüsü Avrupa Araştırmaları Dergisi, 14(1), 259-284.
  • Bucevska, V. (2015). Currency crises in EU candidate countries: An early warning system approach. Panoeconomicus, 62(4), 493-510.
  • Burnside, C. (2008), Does Capital Control Policy Affect Real Exchange Rate Volatility?. Doctoral dissertation, Duke University Durham).
  • Burnside, C., Eichenbaum, M. and Rebelo, S. (2004). Government guarantees and self-fulfilling speculative attacks. Journal of Economic Theory, 119, 31-63.
  • Burnside, C., Eichenbaum, M. & Sergio Rebelo (2008). Currency crisis models. New Palgrave Dictionary of Economics, 2nd ed.
  • Bussiere, M., & Fratzscher, M. (2006). Towards a new early warning system of financial crises. journal of International Money and Finance, 25(6), 953-973.
  • Candelon, B., Dumitrescu, E. I., & Hurlin, C. (2014). Currency crisis early warning systems: Why they should be dynamic. International Journal of Forecasting, 30(4), 1016-1029.
  • Comelli, F. (2014). Comparing parametric and non‐parametric early warning systems for currency crises in emerging market economies. Review of International Economics, 22(4), 700-721.
  • Corsetti, G., Pesenti, P., & Roubini, N. (1998). What caused the Asian currency and financial crisis? Part II: The policy debate (No. w6834). National Bureau of Economic Research.
  • Çakmak, U. (2013). Finansal kırılganlık endeksi (Türkiye 1989-2011) ve yorumlar. Uludağ Üniversitesi İktisadi ve İdari Bilimler Fakültesi, 32(1), 239-260.
  • Çeşmeci, Ö., & Önder, A. Ö. (2008). Determinants of currency crises in emerging markets: The case of Turkey. Emerging Markets Finance and Trade, 44(5), 54-67.
  • Dabrowski, M. (2002). Currency crises in emerging-market economics: Causes, consequences and policy lessons. CASE Network Reports, (51).
  • Dickey, D. A. & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica. Journal of the Econometric Society, 1057-1072.
  • Dooley, M. (2000).A model of crises in emerging markets. Economic Journal, 110(460), 256-272.
  • Edison, H. J. (2003). Do indicators of financial crises work? An evaluation of an early warning system. International Journal of Finance & Economics, 8(1), 11-53.
  • Eichengreen, B., Rose, A. K., & Wyplosz, C. (1994). Speculative attacks on pegged exchange rates: an empirical exploration with special reference to the European Monetary System (No. w4898). National Bureau of economic research.
  • Eichengreen, B., Rose, A. K., & Wyplosz, C. (1996). “Contagious currency crises. No. w5681, National Bureau of Economic Research.
  • Flood, R. and Garber, P. (1984). Collapsing exchange rate regimes: some linear examples. Journal of International Economics, 17, 1–13.
  • Frenkel, J.A. (1997). Stability and Exchange Rate Policy. A Seminar Paper, Bank of Japan.
  • Frankel, J. A., & Rose, A. K. (1996). Currency crashes in emerging markets: empirical indicators (No. w5437). National Bureau of Economic Research.
  • Gerni, C., Emsen, Ö. S., & Değer, M. K. (2005). Erken Uyari Sistemleri Yoluyla Türkiye’deki Ekonomik Krizlerin Analizi. Ekonometri ve İstatistik e-Dergisi, (2), 39-62.
  • Girton, L. ve Roper, D. (1977). A monetary model of exchange market pressure applied to the postwar Canadian experience. The American Economic Review, 537-548.
  • Glick, R., Guo, X., & Hutchison, M. (2006). Currency crises, capital-account liberalization, and selection bias. The Review of Economics and Statistics, 88(4), 698-714.
  • Glick, R., Hutchison, M., 2001. Banking and currency crises: how common are twins? In: Glick, R., Moreno, R., Spiegel, M.M. (Eds.), Financial crises in emerging markets. Cambridge University Press, Cambridge (Chapter 2). Previously issued as Federal Reserve Bank of San Francisco Center for Pacific Basin Studies. Working Paper No. PB99-08. Federal Reserve Bank of San Francisco.
  • Glick, R. and Hutchison, M. (2005). Capital controls and exchange rate instability in developing economies. Journal of International Money and Finance 24(3), 387–412.
  • Glick, R., & Hutchison, M. M. (2013). Models of currency crises. The evidence and impact of financial globalization, 485-497.
  • Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica: journal of the Econometric Society, 424-438.
  • Gündoğan, H., & Akal, M. (2017). Finansal Krizlerin Sinyal Yaklaşımıyla Öngörülebilirliği: Türkiye Örneği. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 18(4), 73-88.
  • Jakubiak, M. (2000). Indicators of Currency Crisis: Empirical Analysis of Some Emerging and Transition Economies. CASE – Center for Social and Economic Research, Warsaw, Studies and Analyses, No. 218.
  • Kaminsky, G. L. (1999). Currency and Banking Crises: The Early Warnings of Distress. Washington: George Washington University.
  • Kaminsky, G., Lizondo, S., Reinhart, C. (1998). Leading Indicators for Currency Crisis. IMF Staff Papers, Palgrave Macmillan Journals, 45(1).
  • Kaminsky, G. L. & Reinhart, C. M. (1999). The twin crises: the causes of banking and balance-of-payments problems. American economic review, 89(3), 473-500.
  • Kamin, S.B. and Rogers J.H. (1996). Monetary Policy in the End-Game to Exchange Rate Based Stabilizations: The Case of Mexico. International Finance Discussion Papers 540, Board of Governors of the Federal Reserve System.
  • Katırcıoglu, S. T. & Feridun, M. (2011). Do macroeconomic fundamentals affect exchange market pressure? Evidence from bounds testing approach for Turkey. Applied Economics Letters, 18(3), 295-300.
  • Kaya, V. & Yılmaz, Ö. (2006). Para Krizleri Öngörüsünde Sinyal Yaklaşımı. Ankara Üniversitesi SBF Dergisi, 129-155.
  • Kibritçioglu, A. (2003). Monitoring banking sector fragility. The Arab Bank Review, 5(2), 51-66.
  • Krugman, P. (1979). A model of balance-of-payments crises. Journal of money, credit and banking, 11(3), 311-325.
  • Kumar, M., Moorth, U., & Perraudin, W. (2003). Predicting emerging market currency crashes. Journal of Empirical Finance, 10, 427-454.
  • Licchetta , M. (2009), Common determinants of currency crises: role of external balance sheet variables. London: Bank of England.
  • Milesi-Ferretti, G. M. and Razin, A. (1998). Current account reversals and currency crisis: Empirical regularities. IMF Working Paper, 98/1306620.
  • Milesi-Ferretti, G. M. & Razin, A. (2000), Current Account Reversals and Currency Crises: Empirical Regularities. Chicago: University of Chicago Press
  • Mishkin, Frederic S. (1996). Understanding Financial Crises: A Developing Country Perspective. Annual World Bank conference on development economics, Washington DC: World Bank, 29-62.
  • Mundell, R. A. (1960). The Monetary Dynamics of International Adjustment under Fixed and Flexible Exchange Rates. Quarterly Journal of Economics, LXXIV, 2, 227-257.
  • Nakatani, R. (2018). Real and fin. ancial shocks, exchange rate regimes and the probability of a currency crisis. Journal of Policy Modeling, 40(1), 60-73. doi:10.1016/j.jpolmod.2017.10.004,
  • Obstfeld, M. (1994). The Logic of Currency Crisis. NBER Working Paper, No. 4640, September.
  • Obstfeld, M. (1997). Models of Currency Crises with Self-fulfilling Features. NBER Working Paper, No. 5285, February.
  • Öztürkler H. & Göksel T. (2013). Türkiye İçin Finansal Baskı Endeksi Oluşturulması. Politika notu N201319, Türkiye Ekonomi Politikaları Araştırma Vakfı, (url: www.tepav.org.tr)
  • Sasin, M. (2001). The Importance of the Real Exchange Rate Overvaluation and the Current Account Deficit in the Emergence of Finacial Crises”, [in:] Marek D¹browski (ed.): Currency Crises in Emerging Markets – Selected Comparative Studies, CASE Reports, No. 41.
  • Şen, A. (2006). Parasal Krizlere Neden Olan Faktörler: Türkiye Analizi. Akademik Bakış Dergisi, 9.
  • Ural, M. & Balaylar, N. A. (2007). Bankacılık sektöründe yüksek risk alımı ve baskı indeksleri. Finans Politik Ekonomik Yorumlar dergisi, (509), 47-57.
  • Velasco, A. (1996). Fixed exchange rates: Credibility, flexibility and multiplicity. European economic review, 40.3-5, 1023-1035.
  • Weymark, D. N. (1995). Estimating exchange market pressure and the degree of exchange market intervention for Canada. Journal of International Economics, 39(3-4), 273-295.
  • Yokuş, T., & Ahmet, A. Y. (2020). Kur Krizleri Tanımı Ve Türkiye 2006-2018 Dönemi Kur Krizleri. Yönetim ve Ekonomi Araştırmaları Dergisi, 18(1), 295-316.
Year 2021, Volume: 23 Issue: 1, 67 - 92, 18.04.2021

Abstract

Project Number

Yok

References

  • Akkaya, M., & Kantar, L. (2018). Finansal Krizlerin Tahmininde Öncü Göstergelerin Logit-Probit Model ile Analizi: Türkiye Uygulaması. Uluslararası Yönetim İktisat ve İşletme Dergisi, 575-590. doi:http://dx.doi.org/10.17130/ijmeb.2018343111.
  • Akkaya, M. & Kantar, L. (2019). Bankacılık Kırılganlık Endeksinin Logit-Probit Model ile Analizi: Türkiye Uygulaması, Finans Politik & Ekonomik Yorumlar, 650, 131-145.
  • Almahmood, H., Munyif, M. A., & Willett, T. D. (2018). Most speculative attacks do not succeed: Currency crises and currency crashes. Journal of International Commerce, Economics and Policy, 9(01n02), 1850001.
  • Altıntaş, H., & Öz, B. (2007). Para krizlerinin sinyal yaklaşımı ile öngörülebilirliği: Türkiye uygulaması. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 7(2), 19-77.
  • Avcı M.A. & Altay N.O. (2014), Finansal Krizlerin Öngörüsünde Regresyon Ağaçları Modeli: Gelişmekte Olan Ülkelere Yönelik Bir Analizi. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 6(12), 191-212.
  • Arı A. & Cergibozan, R. (2016). The twin crises: Determinants of banking and currency crises in the Turkish economy. Emerging markets Finance and Trade, 52(1), 123-135.
  • Beckmann, D., Menkhoff, L., & Sawischlewski, K. (2006). Robust lessons about practical early warning systems. Journal of Policy Modeling, 28(2), 163-193.
  • Berg, A and C Pattillo (1998). Are Currency Crises Predictable? A Test. IMF Working Paper, 98/154.
  • Bozkurt, H., & Dursun, G. (2006). TÜRKİYE'DE PARA KRİZİNİN ÖNCÜ GÖSTERGELERİ: ERKEN UYARI SİSTEMİ. Marmara Üniversitesi Avrupa Topluluğu Enstitüsü Avrupa Araştırmaları Dergisi, 14(1), 259-284.
  • Bucevska, V. (2015). Currency crises in EU candidate countries: An early warning system approach. Panoeconomicus, 62(4), 493-510.
  • Burnside, C. (2008), Does Capital Control Policy Affect Real Exchange Rate Volatility?. Doctoral dissertation, Duke University Durham).
  • Burnside, C., Eichenbaum, M. and Rebelo, S. (2004). Government guarantees and self-fulfilling speculative attacks. Journal of Economic Theory, 119, 31-63.
  • Burnside, C., Eichenbaum, M. & Sergio Rebelo (2008). Currency crisis models. New Palgrave Dictionary of Economics, 2nd ed.
  • Bussiere, M., & Fratzscher, M. (2006). Towards a new early warning system of financial crises. journal of International Money and Finance, 25(6), 953-973.
  • Candelon, B., Dumitrescu, E. I., & Hurlin, C. (2014). Currency crisis early warning systems: Why they should be dynamic. International Journal of Forecasting, 30(4), 1016-1029.
  • Comelli, F. (2014). Comparing parametric and non‐parametric early warning systems for currency crises in emerging market economies. Review of International Economics, 22(4), 700-721.
  • Corsetti, G., Pesenti, P., & Roubini, N. (1998). What caused the Asian currency and financial crisis? Part II: The policy debate (No. w6834). National Bureau of Economic Research.
  • Çakmak, U. (2013). Finansal kırılganlık endeksi (Türkiye 1989-2011) ve yorumlar. Uludağ Üniversitesi İktisadi ve İdari Bilimler Fakültesi, 32(1), 239-260.
  • Çeşmeci, Ö., & Önder, A. Ö. (2008). Determinants of currency crises in emerging markets: The case of Turkey. Emerging Markets Finance and Trade, 44(5), 54-67.
  • Dabrowski, M. (2002). Currency crises in emerging-market economics: Causes, consequences and policy lessons. CASE Network Reports, (51).
  • Dickey, D. A. & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica. Journal of the Econometric Society, 1057-1072.
  • Dooley, M. (2000).A model of crises in emerging markets. Economic Journal, 110(460), 256-272.
  • Edison, H. J. (2003). Do indicators of financial crises work? An evaluation of an early warning system. International Journal of Finance & Economics, 8(1), 11-53.
  • Eichengreen, B., Rose, A. K., & Wyplosz, C. (1994). Speculative attacks on pegged exchange rates: an empirical exploration with special reference to the European Monetary System (No. w4898). National Bureau of economic research.
  • Eichengreen, B., Rose, A. K., & Wyplosz, C. (1996). “Contagious currency crises. No. w5681, National Bureau of Economic Research.
  • Flood, R. and Garber, P. (1984). Collapsing exchange rate regimes: some linear examples. Journal of International Economics, 17, 1–13.
  • Frenkel, J.A. (1997). Stability and Exchange Rate Policy. A Seminar Paper, Bank of Japan.
  • Frankel, J. A., & Rose, A. K. (1996). Currency crashes in emerging markets: empirical indicators (No. w5437). National Bureau of Economic Research.
  • Gerni, C., Emsen, Ö. S., & Değer, M. K. (2005). Erken Uyari Sistemleri Yoluyla Türkiye’deki Ekonomik Krizlerin Analizi. Ekonometri ve İstatistik e-Dergisi, (2), 39-62.
  • Girton, L. ve Roper, D. (1977). A monetary model of exchange market pressure applied to the postwar Canadian experience. The American Economic Review, 537-548.
  • Glick, R., Guo, X., & Hutchison, M. (2006). Currency crises, capital-account liberalization, and selection bias. The Review of Economics and Statistics, 88(4), 698-714.
  • Glick, R., Hutchison, M., 2001. Banking and currency crises: how common are twins? In: Glick, R., Moreno, R., Spiegel, M.M. (Eds.), Financial crises in emerging markets. Cambridge University Press, Cambridge (Chapter 2). Previously issued as Federal Reserve Bank of San Francisco Center for Pacific Basin Studies. Working Paper No. PB99-08. Federal Reserve Bank of San Francisco.
  • Glick, R. and Hutchison, M. (2005). Capital controls and exchange rate instability in developing economies. Journal of International Money and Finance 24(3), 387–412.
  • Glick, R., & Hutchison, M. M. (2013). Models of currency crises. The evidence and impact of financial globalization, 485-497.
  • Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica: journal of the Econometric Society, 424-438.
  • Gündoğan, H., & Akal, M. (2017). Finansal Krizlerin Sinyal Yaklaşımıyla Öngörülebilirliği: Türkiye Örneği. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 18(4), 73-88.
  • Jakubiak, M. (2000). Indicators of Currency Crisis: Empirical Analysis of Some Emerging and Transition Economies. CASE – Center for Social and Economic Research, Warsaw, Studies and Analyses, No. 218.
  • Kaminsky, G. L. (1999). Currency and Banking Crises: The Early Warnings of Distress. Washington: George Washington University.
  • Kaminsky, G., Lizondo, S., Reinhart, C. (1998). Leading Indicators for Currency Crisis. IMF Staff Papers, Palgrave Macmillan Journals, 45(1).
  • Kaminsky, G. L. & Reinhart, C. M. (1999). The twin crises: the causes of banking and balance-of-payments problems. American economic review, 89(3), 473-500.
  • Kamin, S.B. and Rogers J.H. (1996). Monetary Policy in the End-Game to Exchange Rate Based Stabilizations: The Case of Mexico. International Finance Discussion Papers 540, Board of Governors of the Federal Reserve System.
  • Katırcıoglu, S. T. & Feridun, M. (2011). Do macroeconomic fundamentals affect exchange market pressure? Evidence from bounds testing approach for Turkey. Applied Economics Letters, 18(3), 295-300.
  • Kaya, V. & Yılmaz, Ö. (2006). Para Krizleri Öngörüsünde Sinyal Yaklaşımı. Ankara Üniversitesi SBF Dergisi, 129-155.
  • Kibritçioglu, A. (2003). Monitoring banking sector fragility. The Arab Bank Review, 5(2), 51-66.
  • Krugman, P. (1979). A model of balance-of-payments crises. Journal of money, credit and banking, 11(3), 311-325.
  • Kumar, M., Moorth, U., & Perraudin, W. (2003). Predicting emerging market currency crashes. Journal of Empirical Finance, 10, 427-454.
  • Licchetta , M. (2009), Common determinants of currency crises: role of external balance sheet variables. London: Bank of England.
  • Milesi-Ferretti, G. M. and Razin, A. (1998). Current account reversals and currency crisis: Empirical regularities. IMF Working Paper, 98/1306620.
  • Milesi-Ferretti, G. M. & Razin, A. (2000), Current Account Reversals and Currency Crises: Empirical Regularities. Chicago: University of Chicago Press
  • Mishkin, Frederic S. (1996). Understanding Financial Crises: A Developing Country Perspective. Annual World Bank conference on development economics, Washington DC: World Bank, 29-62.
  • Mundell, R. A. (1960). The Monetary Dynamics of International Adjustment under Fixed and Flexible Exchange Rates. Quarterly Journal of Economics, LXXIV, 2, 227-257.
  • Nakatani, R. (2018). Real and fin. ancial shocks, exchange rate regimes and the probability of a currency crisis. Journal of Policy Modeling, 40(1), 60-73. doi:10.1016/j.jpolmod.2017.10.004,
  • Obstfeld, M. (1994). The Logic of Currency Crisis. NBER Working Paper, No. 4640, September.
  • Obstfeld, M. (1997). Models of Currency Crises with Self-fulfilling Features. NBER Working Paper, No. 5285, February.
  • Öztürkler H. & Göksel T. (2013). Türkiye İçin Finansal Baskı Endeksi Oluşturulması. Politika notu N201319, Türkiye Ekonomi Politikaları Araştırma Vakfı, (url: www.tepav.org.tr)
  • Sasin, M. (2001). The Importance of the Real Exchange Rate Overvaluation and the Current Account Deficit in the Emergence of Finacial Crises”, [in:] Marek D¹browski (ed.): Currency Crises in Emerging Markets – Selected Comparative Studies, CASE Reports, No. 41.
  • Şen, A. (2006). Parasal Krizlere Neden Olan Faktörler: Türkiye Analizi. Akademik Bakış Dergisi, 9.
  • Ural, M. & Balaylar, N. A. (2007). Bankacılık sektöründe yüksek risk alımı ve baskı indeksleri. Finans Politik Ekonomik Yorumlar dergisi, (509), 47-57.
  • Velasco, A. (1996). Fixed exchange rates: Credibility, flexibility and multiplicity. European economic review, 40.3-5, 1023-1035.
  • Weymark, D. N. (1995). Estimating exchange market pressure and the degree of exchange market intervention for Canada. Journal of International Economics, 39(3-4), 273-295.
  • Yokuş, T., & Ahmet, A. Y. (2020). Kur Krizleri Tanımı Ve Türkiye 2006-2018 Dönemi Kur Krizleri. Yönetim ve Ekonomi Araştırmaları Dergisi, 18(1), 295-316.
There are 61 citations in total.

Details

Primary Language Turkish
Journal Section Main Section
Authors

Murat Akkaya 0000-0002-7071-8662

Project Number Yok
Publication Date April 18, 2021
Published in Issue Year 2021 Volume: 23 Issue: 1

Cite

APA Akkaya, M. (2021). Döviz Piyasası Baskı Endeksi ve Kriz Göstergelerinin Tahmini: Türkiye Uygulaması. Ankara Hacı Bayram Veli Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 23(1), 67-92.